Prospex Energy (PXEN ) has reported solid operational progress at the Po Valley-operated Selva Malvezzi gas concession in Italy, with a 3D seismic survey now underway and the Podere Maiar-1 (PM-1) well continuing to produce at a steady rate.
Po Valley Energy Ltd (ASX:PVE) is the operator of the Selva Malvezzi production concession and has a 63% working interest, while Prospex has the remaining 37% working interest.
Po Valley started the 3D seismic acquisition on 13 November 2025 and expects to complete the survey by mid-December, subject to weather. The new dataset will replace legacy 2D seismic from the 1970s and 1980s and is intended to underpin future drilling plans across the concession.
The acquired data will undergo time-domain volume processing, which is anticipated to be completed by April 2026. This work will deliver a full three-dimensional subsurface model to help optimise drilling targets for four planned new wells on the Selva Malvezzi concession.
Po Valley also completed a routine slickline integrity test on the PM-1 well on 5 November 2025. The operator reported no water or sand ingress and confirmed that the well continues to behave in line with expectations.
Meanwhile, Po Valley has implemented a series of noise-reduction measures at the Selva gas plant, including sound-insulating barriers around key equipment. In addition, new vegetation screening has been planted along the perimeter of the PM-1 facility at the request of the Municipality of Budrio to reduce visual impact and support community engagement.
Prospex's CEO Mark Routh said: “I am very pleased to report that Po Valley Energy continues with the sound and efficient operation of the Selva Malvezzi Production Concession.
“Of particular note is the progress being made on the 3D seismic survey, which started on 13 November 2025. The processed results will optimise the subsurface drilling targets of the four new wells to be drilled on the Selva Malvezzi concession.
“Production from the PM-1 well at Selva continues at a steady and reliable rate of ~80,000 scm/d. Having produced 61 million scm of natural gas since first production on 4 July 2023, the Prospex 37% share of the remaining 1P/2P/3P net reserves in the PM-1 well are 0.8/4.2/10.3 bcf. See Table 1 below for further information.”
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For Prospex Energy, this update reinforces Selva’s importance as a core cash-generating asset and a platform for future growth. With a 37% interest in the concession, Prospex is directly leveraged to both the steady production from PM-1 and the upside potential from four planned new wells that the 3D seismic is designed to de-risk.